A woman’s business is as much her responsibility as the son she bears in financial terms. This can be particularly true in light of the social, economic, and political changes we live through right now. However, gender inequality impacts women more than men. At this point, many women face challenges that could hinder their ability to thrive financially. We all need to look at these realities through a lens of equality regarding how women have been economically affected. Concerning how these struggles exist within the context of women business owners, I will attempt to provide some additional insights from an interviewee who has experienced such financial issues firsthand. My goal is to offer insight to those seeking help in overcoming such obstacles.
According to Jennifer O’Connell, Senior Director & Founder of BizVibe, “There is no question that women are at a financial disadvantage, especially when they make up the majority of our workforce. But there are also factors beyond your control that impact how they think about money. There are cultural norms that impact the decisions they make about money. Men are taught to work hard for money, but women tend to see their worth by how well their families are doing. They try to do everything for the family first, including jobs out of necessity. These types of dynamics are not only present today but have played a part in why more people fall into the low-paying job category. When there are factors outside your control that keep women away from success, they have less chance of obtaining the kind of opportunities available to men.”
As to where women lack financially compared to men, research says that women are the primary recipients of unpaid child support, which is why we are seeing fewer women working or pursuing entrepreneurship careers. One of my clients shared that she felt very discouraged due to a lack of opportunity, and the problem was exacerbated because she’s older than most adults her age. She mentioned having a positive attitude towards life and her desire to give back to society. However, when she goes to meet with me, she describes feeling like she’s always trying to hide her fear of getting fired. Her concern is heightened when I ask if she thinks she should have another baby. The stigma surrounding pregnancy prevents her from discussing birth risk and what it feels like to walk around her husband holding his newborn. As I tell her about the struggles women have faced, she points out some factors that prevent them from thriving financially. What does this mean? It means not allowing money to get into their hands and causing anxiety about finances. We are often made to feel afraid to disclose financial situations to others because of the fear that someone will judge us. A common issue women deal with can be family conflict, especially with the men in one’s family. Even though my client went through a difficult period in her life, she still chose to be open with what happened within the household and share her concerns with me during these times. You’ll agree that this is not something I would wish on anyone, but it is essential as we live under the illusion that women don’t need help financially.
My second client shared that once her employer gave her a raise, she wanted to quit, but then after consulting with the HR department, she decided to stay in her position. While there are undoubtedly many companies who do provide raise increases, her story illustrates the struggle women face when trying to secure employment. Many of these same issues are seen in other industries, particularly retail. Often the only thing women know about is what is being offered to them, which is very different than when they were considering a job. Many employers still deny hiring women out of fear that they will fail on the job. Again, women do not want to reveal personal information or problems with their relationships. This creates a barrier for women looking for potential careers as they can often only qualify for minimum wage positions. This can result in a situation where women cannot leave behind any of the money they earn on an income tax credit and end up paying taxes that they don’t know why.
The third client shared that the pressure to succeed while maintaining a healthy relationship made her feel like she had to choose between a stable family and work. During one of the interviews, I asked her if she wished she had had a better childhood. To her surprise, she responded that she wished she had been better. Her response is very telling as it shows that it’s not just pressured to perform well but the pressure to have a successful family. That doesn’t put it into perspective for women business owners, however. Despite these pressures, women choose to take care of themselves, making life so enjoyable for them. The reality is that they’ll never stop fighting for what they believe in.
Especially during these times of uncertainty, they must remain strong and carry a sense of purpose with them.
When a female entrepreneur faces adversity, they know it’s because of the challenges, not the difficulties. Whether those challenges come from men or women, this doesn’t change that they are human. All humans deserve to be treated equally. Overcoming financial hardships is something every single person has to deal with. However, it shouldn’t stop them from stepping up and becoming the backbone of tomorrow’s economy. Let’s all find a way to help each other because it’s better for everyone!
